Waratah Towage Ltd - variation - s.87B undertaking

This variation was accepted by the ACCC on 30/06/2000.  It ensures that the Undertaking does not prevent the pass-through of GST related price increases and imposes additional obligations on Waratah to provide information to the ACCC about cost savings arising from the New Tax System, and any move to 3 man crews in Newcastle.

Undertaking relates to the share and asset acquisition agreement between Waratah and the vendors all issued shares in Hunter Towage Services, and the purchase of the tug "Ballina" from BHP Transport.

The ACCC will not intervene in the acquisition if Waratah agrees:

• not to increase tariff rates for harbour services beyond a specified amount;
• to maintain discounts/rebates existing at Dec 1998;
• not to introduce new charges re towage services;
• not to increase existing charges re towage services.

Waratah will provide ACCC with an annual audit report by an auditor nominated by the ACCC.